Beyond the finish line: The principles of IFRS 17

This course can be delivered to your organisation as part of our bespoke Corporate Training Solutions, at your own time and your own convenience. Contact us on kla@kpmg.com.mt or call us on +356 2563 6363 or on +356 9963 6363 for more information on how we can take care of your organisation’s training needs.

Course Description:

The International Accounting Standards Board (“IASB”) issued a new International Financial Reporting Standard, IFRS 17 Insurance Contracts in May 2017. In June 2020, the IASB amended this standard. IFRS 17 sets out the requirements for a company reporting information about insurance contracts it issues and reinsurance contracts it holds. The effective date of the standard is 1 January 2023. Insurers are also currently in the process of adopting IFRS 9 Financial Instruments. These standards will bring significant changes to the accounting for insurance and reinsurance contracts and financial instruments, and may have a material impact on an entity’s financial statements.

In this webinar, we will delve in detail into the business impacts of IFRS 17 with the aim to elicit the key aspects that a business involved in insurance contracts must consider. Special attention will be given to the various measurement models in the standard, measuring assets and liabilities in practice, whilst shedding light on the interplay IFRS 17 and IFRS 9. Besides providing an overview of the accounting treatment of insurance contracts, this session also presents a number of practical lessons learnt so far, as well as tips in connection with the preparation of the transition balance sheet.

Target Audience:

The session is aimed for accounting professionals, financial controllers, advisors and regulators involved in Life insurance, general insurance (P&C and health), reinsurers, captive insurance entities and possibly some banks.

Learning Outcomes:

The main learning outcomes of this session include:

Familiarisation with the key concepts of IFRS 17;
Key policy decisions emanating from the adoption of IFRS 17;
Insights on the adoption of IFRS 9 by insurance companies; and
Lessons learnt and next steps.

Prerequisites:

Knowledge on the insurance industry and the related financial reporting is recommended.

Venue: Kindly contact us on kla@kpmg.com.mt to indicate your preferred training method; online or in-person.

CPE Hours: This course qualifies for 3 hours of Structured CPE which can be classified as Core Competency. A certificate of attendance will be provided at the end of the session.

Trainer:

Renzo Bugeja, Manager, Corporate Accounting Advisory Services, KPMG in Malta

Renzo joined KPMG’s Corporate Accounting Advisory Services function in 2018 upon completing his master’s degree in accountancy at the University of Malta. Renzo is mainly involved in advising a varied portfolio of local and international clients with their implementation of IFRS requirements. Renzo also delivers training on specific IFRS matters and local Companies Act requirements to his clients.